Correlation Between Olympic Steel and HUMANA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Olympic Steel and HUMANA INC, you can compare the effects of market volatilities on Olympic Steel and HUMANA and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Olympic Steel with a short position of HUMANA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Steel and HUMANA.
Diversification Opportunities for Olympic Steel and HUMANA
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Olympic and HUMANA is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Steel and HUMANA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUMANA INC and Olympic Steel is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Olympic Steel are associated (or correlated) with HUMANA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUMANA INC has no effect on the direction of Olympic Steel i.e., Olympic Steel and HUMANA go up and down completely randomly.
Pair Corralation between Olympic Steel and HUMANA
Given the investment horizon of 90 days Olympic Steel is expected to generate 1.39 times less return on investment than HUMANA. In addition to that, Olympic Steel is 1.59 times more volatile than HUMANA INC. It trades about 0.11 of its total potential returns per unit of risk. HUMANA INC is currently generating about 0.24 per unit of volatility. If you would invest 7,977 in HUMANA INC on October 26, 2024 and sell it today you would earn a total of 467.00 from holding HUMANA INC or generate 5.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Olympic Steel vs. HUMANA INC
Performance |
| Timeline |
| Olympic Steel |
| HUMANA INC |
Olympic Steel and HUMANA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Steel and HUMANA
The main advantage of trading using opposite Olympic Steel and HUMANA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Steel position performs unexpectedly, HUMANA can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in HUMANA will offset losses from the drop in HUMANA's long position.| Olympic Steel vs. Universal Stainless Alloy | Olympic Steel vs. Outokumpu Oyj ADR | Olympic Steel vs. Usinas Siderurgicas de | Olympic Steel vs. POSCO Holdings |
| HUMANA vs. MYT Netherlands Parent | HUMANA vs. Getty Realty | HUMANA vs. Olympic Steel | HUMANA vs. The Peoples Insurance |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |